positive sentiment


Asian shares cheered by Brexit deal hopes as sterling shines

SYDNEY, Oct 16 ― Asian shares took off today and sterling held near six-month highs as Britain and the EU made headway on a Brexit deal ahead of a leaders' summit though it remained unclear if London could avoid postponing its scheduled departure…

Ringgit rebounds ahead of Budget 2020 announcement

KUALA LUMPUR, Oct 11 — The ringgit rebounded to open higher against the US dollar today as buying interest in the local note recovered ahead of the tabling of Budget 2020 this afternoon, said a dealer. At 9am, the local note was at 4.1840/1880…

Iskandar Malaysia realises 57% of total investments in 1H2019

KUALA LUMPUR: Iskandar Malaysia, the southern economic corridor, has realised RM172.2 billion or 57% of the total investments to date as of the first half of 2019 (1H2019).

Knight Frank Malaysia managing director Sarkunan Subramaniam (pix) said Iskandar Malaysia remains in the radar of investors where of the total investments realised, 39% were foreign direct investment mainly from China (RM40.65 billion) and Singapore (RM20.57 billion).

Iskandar Malaysia has since its inception in 2006 until the 1H2019 recorded cumulative committed investment of RM302.09 billion.

“With its current performance pace, Iskandar Malaysia is expected to exceed the targeted investment sum of RM383 billion by 2025. The Chinese have been investing heavily into property developments while the Singaporeans continued to eye on the manufacturing/logistics sector,“ he said in a statement.

Various organisations namely the Iskandar Regional Development Authority, Malaysia Digital Economy Corporation and Malaysian Investment Development Authority have initiated incentives to encourage investment from both local and foreign investors in the region.

Sarkunan said foreign investors were most concern with possibilities of lower operation cost, strategic location and talent pool/skilled labour in making their decisions to invest into the region. He said the availabilities of such factors are attractive to foreign investors as the impact of lowering operating expenses in the flow of supply chain on a long-term basis is essential for businesses to remain competitive.

“The manufacturing/logistics sector has been rosy with more market activities being observed during 1H2019. Now investors are also eyeing the healthcare sector, a specialised asset class deemed defensive within its niche market.”

Knight Frank Singapore head of consultancy Tay Kah Poh said Singaporean investors are certainly positive towards the healthcare sector in Iskandar Malaysia with the advantages being its proximity to the country, favourable exchange rate, and quality healthcare that is comparable to that of Singapore.

“Major healthcare players such as Thomson Medical and Gleneagles have built and operate quality healthcare facilities in Johor and the clustering will act as a huge draw for patients from Singapore.”

Knight Frank Johor branch head Debbie Choy said the macro statistics for Iskandar Malaysia remain strong and encourage positive sentiments for the market.

“Whilst there are certain sectors which may be experiencing oversupply, such as the high-rise residential segment, we observe that the healthcare and industrial sectors are glowing despite the challenging property market environment. Opportunities in these two sectors continue to appeal to investors.”

Choy added that one of the key elements that would further drive the success of attracting inbound investment into Iskandar Malaysia is perhaps ensuring sufficient talent pool to support the respective industries.

“An overflow effect from the increased working population leading to higher demand for housing may benefit Iskandar Malaysia in the longer term.”

Foreign fund selling enters second week on Bursa

KUALA LUMPUR, Sept 29 — The Malaysian equities market was sluggish last week amidst uncertainty in the external sector and volatility surrounding the eligibility of Malaysian government bonds in the World Government Bond Index (WGBI)….

Ringgit snaps 4-day losing streak on FTSE Russell decision

KUALA LUMPUR: The ringgit snapped four days of losses to end the week firmer against the US dollar after index provider FTSE Russell decided to maintain Malaysian bonds on its fixed-income watchlist.

At 6pm, the local note closed at 4.1860/1900 against the greenback, improving 70 basis points from Thursday’s close of 4.1930/1980.

FXTM market analyst Han Tan said the ringgit had weakened alongside most Asian currencies for the week, as risk aversion fuelled the stronger US dollar narrative.

“The decision by FTSE Russell to keep Malaysian bonds on its benchmark World Government Bond Index (WGBI) is supportive of the ringgit in the interim,“ he told Bernama.

However, Tan said the risk of expulsion lingered on, as investors continued to eye how else policymakers might improve market liquidity and accessibility.

At the close, the ringgit also traded higher against other major currencies.

It rose against the Singapore dollar to 3.0292/0325 from 3.0347/0392 on Thursday and advanced against the Japanese yen to 3.8774/8818 from 3.8958/9011 yesterday.

Vis-a-vis the euro, the local unit strengthened to 4.5732/5793 from 4.5842/5914 while against the British pound, it improved to 5.1433/1499 from 5.1658/1736 yesterday.

Meanwhile, in a note today, MIDF Amanah Investment Bank Bhd Research (MIDF Research) said news that Malaysia bonds stayed on FTSE Russell’s watchlist had provided positive sentiment to the ringgit, despite a further update of the watchlist to be provided in the next interim review in March 2020.

Therefore, it expected the local note to gradually appreciate against the greenback towards the end of the year.

The research firm said the estimate would also be supported by the expansionary Budget 2020 to be announced on Oct 11, coupled with the resumption of US-China trade talks from Oct 10-11, which would slightly calm the ongoing tensions.

“Factoring all that, we foresee the ringgit trading at 4.15 versus the greenback by end-2019.

“Similarly, we also expect the local note to average at 4.15 against the US dollar for 2019,“ it said, adding that year-to-date, the ringgit averaged at 4.13 against the greenback. — Bernama

Ringgit snaps four-day losing streak on FTSE Russell bond decision

KUALA LUMPUR, Sept 27 — The ringgit snapped four days of losses to end the week firmer against the US dollar after index provider FTSE Russell decided to maintain Malaysian bonds on its fixed-income watchlist. At 6pm, the local note…

Bursa Malaysia ends higher on positive global sentiment

KUALA LUMPUR, Sept 26 — Bursa Malaysia ended the day higher on the back of positive sentiment surrounding the global market due to easing tensions between the United States and China. At 5pm, the benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose…

Bullish outlook to boost FBM KLCI to 1,620 level next week

KUALA LUMPUR, Sept 7 — The bullish economic outlook on the global front, coupled with expectations of higher demand for crude palm oil (CPO) moving forward, are expected to boost Bursa Malaysia to the 1,620 level next week. Phillip Capital…

Bursa Malaysia ends higher on optimism over global economy

KUALA LUMPUR: Bursa Malaysia closed higher today in tandem with positive sentiment on the regional stock markets as investors remained optimistic on the global economic outlook, dealers said.

The benchmark FTSE Bursa Malaysia KLCI (FBM KLCI) rose 4.72 points to 1,604.47 at the close after trading between 1,599.75 and 1,606.40 throughout the day.

The market barometer opened 1.91 points higher at 1,601.66.

Phillip Capital Management senior vice-president (investment) Datuk Dr Nazri Khan Adam Khan said investors were positive on the bullish economic outlook on the global front and expectation of higher crude palm oil (CPO) demand from India moving forward.

“Overall, based on the current technical landscape, we opine that the local bourse is still in the process of recovering. The strong support is within 1,600 to 1,572 points. Conversely, the immediate resistance remains at between 1,620 and 1,680 points, followed by the psychological 1,700-point resistance threshold,” he told Bernama today.

Meanwhile, another dealer said the Asian market was in an uptrend today, in line with global market sentiment, boosted by firm US economic data and next month’s meeting between US and Chinese negotiators which signalled an easing in trade tensions.

Among the heavyweights, Maybank rose one sen to RM8.75, TNB improved two sen to RM13.82, Petronas Chemicals jumped 12 sen to RM7.00, IHH Healthcare went up four sen to RM5.80 while Public Bank slipped four sen to RM20.20.

As for actives, Priceworth International gained half-a-sen to five sen, GD Express improved one sen to 29.5 sen, while Vsolar fell one sen to 11.5 sen and Bumi Armada eased half-a-sen to 25.5 sen.

The FBM Emas Index added 33.58 points to 11,281.12, the FBMT100 Index was 34.02 points higher at 11,120.66 and the FBM Emas Shariah Index perked 58.44 points to 11,826.29.

The FBM Ace advanced 8.67 points to 4,457.38 and the FBM 70 went up 47.61 points to 13,788.45.

Sector-wise, the Financial Services Index slid 31.67 points to 15,479.17, the Plantation Index inched up 10.43 points to 6,806.94 and the Industrial Products and Services Index was 1.30 points higher at 149.12.

Market breadth was positive as gainers led losers 406 to 340, with 405 counters unchanged, 797 untraded and 33 others suspended.

Turnover was lower at 1.67 billion units worth RM1.44 billion from Thursday’s 1.85 billion units worth RM1.58 billion.

Main Market volume contracted to 1.04 billion shares valued at RM1.30 billion from Thursday’s 1.28 billion shares valued at RM1.46 billion.

Warrants turnover rose to 365.06 million units worth RM80.29 million from yesterday’s 264.55 million units worth RM48.71 million.

Volume on the ACE Market narrowed to 257.20 million shares valued at RM56.63 million from 310.05 million shares valued at RM75.40 million previously.

Consumer products and services accounted for 149.06 million shares traded on the Main Market, industrial products and services (216.54 million), construction (44.82 million), technology (98.01 million), SPAC (nil), financial services (39.66 million), property (73.96 million), plantations (10.83 million), REITs (10.61 million), closed/fund (50,000), energy (184.67 million), healthcare (19.01 million), telecommunications and media (82 million), transportation and logistics (97.79 million), and utilities (15.19 million).

The physical price of gold as at 5.00pm stood at RM195.68 per gramme, down RM5.45 from RM201.13 at 5.00pm yesterday. — Bernama

Bursa ends higher on optimism over global economy

KUALA LUMPUR, Sept 6 — Bursa Malaysia closed higher today in tandem with positive sentiment on the regional stock markets as investors remained optimistic on the global economic outlook, dealers said. The benchmark FTSE…